London's property boom

The Capital continues to defy the UK housing downturn, with foreign buyers fuelling a £38bn property development boom.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
Across the UK the property market is stagnating, with house prices falling and mortgages hard to come by. But it's a different story in London.

More than 15,000 units worth £38bn are earmarked for development over the next ten years, fuelled by overseas buyers seeking a safe investment as the eurozone crisis deepens. One in four of those properties will be in the upmarket Chelsea & Fulham areas, building consultancy EC Harris says.

And business over the last year has been brisk, with developments jumping 70%. Some 125 projects are currently at various stages of site acquisition, planning and construction according to the report by EC Harris. Equating to a total floor area of nearly 20 million square feet, it's equivalent to the size of the Olympic Park in Stratford, East London.

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